RBA Keeps Cash Rate Steady Amid Inflation Concerns

Australia's central bank, the Reserve Bank of Australia (RBA), has kept its cash rate steady at 4.35% as expected on August 11.

The decision came after a policy meeting where the RBA warned that the economy was slowing due to tighter financial conditions and expressed concerns about inflation rates exceeding their target band of 2-3%.

The bank has already raised interest rates by 75 basis points since February in an effort to contain stubborn inflationary pressures, which have been exacerbated by surging energy costs.